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WASHINGTON – Small business owners who sustained damage to their businesses as a result of Hurricane Charley, could be eligible for loans up to $1.5 million. Loans to businesses of all sizes and non-profit organizations are available up to $1.5 million to repair damage to real estate, machinery, equipment and inventory, the SBA said. Economic Injury Disaster Loans (EIDLs) are also available to small businesses unable to pay bills or meet operating expenses. Interest rates can be as low as 2.900% for businesses with terms up to 30 years. SBA also offers loans up to $200,000 to repair disaster damaged primary residences with interest rates starting at 3.187% for homeowners and renters. Homeowners and renters are also eligible for loans up to $40,000 to replace personal property such as furniture and clothing. Loan amounts and terms are set by SBA and are based upon each applicant’s financial condition. Victims must first call the Federal Emergency Management Agency (FEMA) at 1-800-621-FEMA (3362). SBA will have loan officers in every federal/state disaster recovery center that is opened. Additional details on the location of assistance centers and the loan application process deadlines will be forthcoming as soon as they become available, the SBA said.

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